Breaking Down Jinke Property Group Co., Ltd. Financial Health: Key Insights for Investors

If you follow China's property turmoil, Jinke Property Group's numbers demand attention: first-half 2025 revenue plunged to 2.363 billion yuan - a staggering 90% YoY collapse from the prior year - leaving TTM revenue at 11.69 billion yuan as of June 2025, while the company reported a crippling first-half net loss of 75.23 billion yuan, contributing to TTM net income of -37.42 billion and an EPS of -7.17 yuan; balance-sheet stress is clear with total equity at -24.85 billion yuan against total liabilities of 200.60 billion and cash of just 3.80 billion, even as the market has oddly repriced the stock (market cap 15.57 billion yuan after a 92.26% one-year rise) - this deep dive unpacks revenue erosion, widening losses, debt restructuring, liquidity strains, valuation quirks and regulatory risks investors must parse to understand Jinke's path forward, so continue for the full breakdown.

Jinke Property Group Co., Ltd. (000656.SZ) - Revenue Analysis

• H1 2025 revenue: 2.363 billion yuan - down 90.00% YoY from 23.63 billion yuan in H1 2024.
• TTM revenue as of June 2025: 11.69 billion yuan - down 73.94% YoY.
• Revenue per share (TTM ending June 2025): 2.61 yuan - down 75.30% YoY.
• Full-year 2024 revenue: 27.55 billion yuan - down 56.43% from 63.24 billion yuan in 2023.
• Five-year trend in revenue per share: average annual growth rate of -75.30%, indicating persistent deterioration in revenue-generation efficiency.

• Primary driver: protracted weakness in China's property sector leading to lower presales, renegotiated projects, cancellations, and delayed handovers.
• Operational implication: shrinking revenue base reduces scale economics and limits cash inflows for project completion and debt servicing.
• Investor takeaway: plummeting revenue per share over multiple years signals deteriorating core business performance and heightened execution and liquidity risk.

Jinke Property Group Co., Ltd. (000656.SZ) - Profitability Metrics

• Net loss (H1 2025): -75.23 billion yuan vs. -8.73 billion yuan (H1 2024) - a 764% YoY deterioration in reported net profit.
• Trailing twelve months (TTM) net income (as of Jun 2025): -37.42 billion yuan, indicating sustained multi-quarter losses.
• TTM earnings per share (EPS) ending Jun 2025: -7.17 yuan.
• Net profit margin (H1 2025): -366.86% vs. -257.34% (H1 2024), showing a marked deterioration in profitability ratios.
• Operating expenses (H1 2025): 689.36 million yuan, down 36.35% YoY (reflecting cost-cutting amid collapsing revenue/sales velocity).
• Operational context: the magnitude of the loss and negative EPS point to severe cash-flow and operational stress amid sector-wide delays and weaker demand.

• Implications for investors: extreme negative margins and deep TTM losses increase solvency and refinancing risk; lower operating expenses show management cost response but have not offset revenue/asset impairments.
• For background on corporate structure and revenue drivers, see: Jinke Property Group Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

Jinke Property Group Co., Ltd. (000656.SZ) - Debt vs. Equity Structure

• Total debt: ¥16.43 billion (June 2025).
• Cash and cash equivalents: ¥2.77 billion (June 2025).
• Total liabilities: ¥200.60 billion (June 2025), up 4.56% YoY.
• Total assets: ¥175.75 billion (June 2025), down 15.61% YoY.
• Total equity: ¥‑24.85 billion (June 2025) - negative equity indicating potential solvency stress.
• Debt restructuring: court-led reorganization initiated April 2024 to address significant debt burden.
• Share cancellations (Oct 2025): 45.35 million repurchased shares to be cancelled (8.29M restricted shares; 37.06M public shares), reducing registered capital.

• Liquidity mismatch: cash covers only ~16.9% of reported total debt (¥2.77bn / ¥16.43bn), creating short-term cash stress potential.
• Solvency concern: negative equity (¥‑24.85bn) means liabilities exceed assets, heightening restructuring risk and creditor negotiation sensitivity.
• Asset contraction vs. rising liabilities: a 15.61% drop in assets alongside a 4.56% rise in liabilities reduces cushion for creditors and shareholders.
• Corporate actions: share cancellations (Oct 2025) and the April 2024 court-led reorganization are material steps toward capital structure normalization but carry execution and creditor-approval risks.

Jinke Property Group Co., Ltd. (000656.SZ) - Liquidity and Solvency

• Cash and cash equivalents (as of June 2025): ¥3.80 billion (‑17.33% YoY)
• Net operating cash flow (H1 2025): ¥‑215.07 million (‑557.04% YoY)
• Free cash flow (H1 2025): ¥‑6.41 billion (‑21.87% YoY)
• Return on assets (H1 2025): ‑4.05%
• Return on capital (H1 2025): ‑16.68%
• Ongoing debt restructuring to address liquidity and solvency constraints

Jinke Property Group Co., Ltd. (000656.SZ) - Valuation Analysis

Key valuation data as of December 12, 2025 highlight a mixed picture: a sharply higher market capitalization and share-price gain contrasted with negative earnings and book value concerns. These metrics frame investor sentiment and relative pricing against sales and equity.

• Share price: 1.47 yuan (12-Dec-2025)
• Market capitalization: 15.57 billion yuan (12-Dec-2025)
• 1-year market cap change: +92.26%
• Price-to-Sales (P/S): 0.53
• Price-to-Book (P/B): -0.20
• EPS (TTM ending June 2025): -7.17 yuan

• Low P/S (0.53) can signal undervaluation relative to sales or reflect revenue-quality concerns (project recognition, collections, or one-offs).
• Negative P/B (-0.20) indicates liabilities exceed reported assets on a per-share basis, raising solvency and shareholder equity risk.
• Negative EPS (-7.17 yuan TTM) confirms operating losses or substantial impairment charges impacting earnings power.
• The 92.26% market-cap increase suggests investor optimism or speculative re-rating despite weak accounting metrics.

For company positioning, strategy and longer-term context see: Mission Statement, Vision, & Core Values (2026) of Jinke Property Group Co., Ltd.

Jinke Property Group Co., Ltd. (000656.SZ) - Risk Factors

• Regulatory and policy risk: Continued Chinese macro- and housing-sector policies (curbs on speculative purchases, restrictions on financing and land-bidding leverage, price controls in some localities) constrain sales velocity, margin recovery and financing flexibility.
• Competitive pressure: Jinke competes with much larger, better-capitalized developers (e.g., Country Garden, Evergrande group historically) for land parcels and homebuyers, increasing bid prices for land and compressing gross margins.
• Liquidity and refinancing risk: High near-term maturities and reliance on capital-market and bank financing create refinancing risk in a tightened credit environment.
• Operational risk during restructuring: Court-led reorganization and creditor negotiations can disrupt project completions, sales recognition and supplier relations.
• Market listing/delisting risk: The company has received delisting risk warnings since April 24, 2024, creating additional market and counterparty confidence risks.
• Negative equity and creditor claims: A reported negative net equity position heightens creditor control and limits equity holders' protection.

• Refinancing and covenant risk: Large near-term maturities mean outcomes depend on creditor approvals, asset-sale proceeds or successful restructuring terms; unsecured creditors and equity holders face significant subordination risk.
• Sales and margin recovery uncertainty: Even if regulatory headwinds ease, competition and a weaker balance sheet may prevent a rapid restoration of historical margins.
• Event-driven volatility: Legal rulings, creditor votes, asset disposal announcements, or changes in listing status can cause sharp share-price moves and liquidity shocks.

Jinke Property Group Co., Ltd. (000656.SZ) - Growth Opportunities

• Debt restructuring as a foundation: ongoing negotiations and asset-side reorganizations aim to reduce financing costs and optimize the asset-liability mix - management targets completion of major phases within 2025.
• Delivery-driven reputation repair: prioritizing housing deliveries to existing buyers to rebuild trust and accelerate recognition of contracted sales into revenue and cash collection.
• Strategic capital and partnerships: collaborations with institutional investors, state-owned platforms and local governments to secure project-level financing or asset injections.
• Cost and efficiency programs: operational rationalization, procurement consolidation, and targeted SG&A reductions to lift gross and operating margins.
• Portfolio diversification and geographic expansion: selective entry into lower-risk cities, non-residential assets and mixed-use projects to broaden revenue streams and reduce single-market exposure.
• Execution timeline: successful completion of restructuring milestones in 2025 would materially lower short-term liquidity pressure and position the company to pursue growth initiatives thereafter.

• Investor implications: successful restructuring and steady delivery execution can convert contracted sales into cashflow, reduce short-term rollover risk, and restore access to diversified financing sources.
• Risks to monitor: pace of presale collection, asset disposal realizations, refinancing terms, and macro property demand in tier-2/3 cities.
• Actionable signals to watch: monthly contracted sales trends, official restructuring milestones, changes in on-balance-sheet debt maturities, and new strategic partnership announcements.